KARACHI: The index saw another day of lacklustre trading with interest restricted to across small-caps. Lack of meaningful triggers and select sectors under pressure meant the index remained range-bound.
At close on Thursday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index fell 0.12% or 40.82 points to end at 33,908.44.
Topline Securities, in its report, the index remained range-bound as the market declined marginally.
“Unusual activity was seen in Silk Bank with a hefty turnover of 40 million shares on the back of local investor buying,” stated the report. “Fertiliser stocks remained under pressure on the back of a possible increase in gas tariff which will negatively affect profits. Engro, Engro Fertilizer and Fatima Fertilizer Bin Qasim closed down.
“Small cap stocks dominated the volume charts as shown by the divergence between the total volume and the value traded.”
Meanwhile, JS Global analyst Ovais Ahsan said the market continued to trade a tight range in a listless manner as investors choose to stay on the sidelines with not much market moving news to react on.
“Concerns also remained over the consistent streak of foreign selling,” said Ahsan. “Major index movers were energy and power companies, namely Oil and Gas Development Corp. (-1.62%) and Hubco Power Station (-0.69%).
“Lucky Cement (+0.75%) gained on the news of the Peshawar High Court suspending increase of gas tariffs for its captive power plant.”
Trade volumes rose to 189 million shares compared with Wednesday’s tally of 184 million.
Shares of 357 companies were traded on Thursday. At the end of the day, 169 stocks closed higher, 163 declined and 25 remained unchanged. The value of shares traded during the day was Rs6.1 billion.
Silk Bank Limited was the volume leader with 44.8 million shares, gaining Rs0.31 to finish at Rs1.95. It was followed by Byco Petroleum Limited with 9 million shares, gaining Rs0.18 to close at Rs24.96 and First Capital Securities Corporation Limited with 7.7 million shares, gaining Rs0.92 to close at Rs4.24.
Foreign institutional investors were net buyers of Rs130 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 20th, 2015.
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